TIDMAVM
RNS Number : 7126Q
Avocet Mining PLC
19 June 2015
Results of Annual General Meeting and General Meeting
Annual General Meeting
Avocet Mining PLC ("Avocet" or the "Company") confirms that all
resolutions at the Annual General Meeting of its shareholders, held
on 19 June 2015, were carried as proposed. The final proxy voting
figures for the meeting are shown below:
Resolution Votes for(a) Votes for % Votes Votes Votes Votes cast Votes
against against % validly cast as % of withheld(b)
shares with
voting
rights(c)
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Ordinary
Resolutions
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Receipt of reports
and financial
statements for the
year ended 31 De
1 2014 49,910,247 100.00% 700 0.00% 49,910,947 23.87% 11,507
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
2 Receipt of 49,780,577 99.77% 112,736 0.23% 49,893,313 23.87% 25,197
Directors'
remuneration
report for the
year ended 31 Dec
2014
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Re-appointment of
R P Edey as
3 Director 34,530,211 97.03% 1,056,935 2.97% 35,587,146 17.02% 14,331,324
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Re-appointment of
B J Rourke as
4 Director 34,530,211 97.03% 1,056,935 2.97% 35,587,146 17.02% 14,331,324
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Re-appointment of
G Wylie as
5 Director 34,530,211 97.03% 1,056,935 2.97% 35,587,146 17.02% 14,331,324
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Re-appointment of
D C Cather as
6 Director 35,413,146 99.51% 174,000 0.49% 35,587,146 17.02% 14,331,324
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Re-appointment of
A M Norris as
7 Director 35,411,646 99.51% 174,000 0.49% 35,585,646 17.02% 14,331,324
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
8 Re-appointment of 49,804,723 99.80% 100,000 0.20% 49,904,723 23.87% 13,787
Grant Thornton UK
LLP as auditors of
the Company
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
9 Authority to 49,815,247 99.80% 101,700 0.20% 49,916,947 23.88% 1,563
determine the
auditors'
remuneration
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
10 Authority to allot 44,778,777 99.77% 102,046 0.23% 44,880,823 21.47% 5,037,647
shares (s551 Co
Act 2006)
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
Special
Resolutions
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
11 Authority to 49,798,512 99.77% 112,435 0.23% 49,910,947 23.87% 7,563
disapply
pre-emption rights
up to 5% of share
capital
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
12 Authority to 49,806,946 99.79% 104,001 0.21% 49,910,947 23.87% 7,563
purchase own
shares up to 10%
of share capital
------------------ ------------ ----------- ------------ ------------ ------------ ----------- ------------
General Meeting
In addition, the Company confirms that both resolutions at the
General Meeting of its shareholders, also held on 19 June 2015,
were carried as proposed. The final proxy voting figures for this
meeting are shown below:
Resolution Votes for(a) Votes for % Votes Votes Votes Votes cast Votes
against against % validly as % of withheld(b)
cast shares with
voting
rights(c)
-------------------- ------------ ----------- ------------ ------------ ----------- ----------- -----------
Ordinary Resolution
-------------------- ------------ ----------- ------------ ------------ ----------- ----------- -----------
Approval of the
related party loan
from Manchester
Securities Corp
("Elliott Lender"),
an
affiliate of
Elliott Management
Corporation
1 ("Elliott") 21,488,128 99.15% 183,408 0.85% 21,671,536 11.99% 7,563
-------------------- ------------ ----------- ------------ ------------ ----------- ----------- -----------
Special Resolution
----------------------- ------------ ----------- ------------ ------------ ----------- ----------- -----------
2 Amendment to the 21,660,052 100.00% 0 0.00% 21,660,052 10.36% 19,047
Directors'
borrowing powers
under article 16.2
of the Company's
Articles
of Association
-------------------- ------------ ----------- ------------ ------------ ----------- ----------- -----------
Notes
a) "Votes for" includes those votes giving discretion to the Chairman
b) "Votes withheld" do not count toward votes cast "for" or "against" a resolution
c) As at 19 June 2015, the Company had 209,496,710 ordinary
shares in issue, of which 209,054,701 represented ordinary shares
with voting rights (after excluding 442,009 treasury shares).
Ordinary shares with voting rights were entitled to vote for all
resolutions at the Annual General Meeting and the General Meeting,
with the exception of Resolution 1 of the General Meeting, where
Elliott's holding of 28,245,037 ordinary shares was not entitled to
vote in accordance with the Listing Rules.
The Company is in the process of finalising the arrangements for
the Elliott Security in respect of the Third Elliott Loan Facility
as detailed in the circular dated 22 May 2015 (the "Circular"). The
Elliott Security is expected to be completed during the course of
July, at which point the first tranche of US$0.2 million of the
third facility of the Third Elliott Loan Facility will be draw
down. The Company believes that its current financial resources
will be adequate until that time.
In accordance with the Listing Rule 9.6.2, a copy of the Special
Resolutions passed at these meetings has been submitted to the
National Storage Mechanism and will shortly be available for
inspection at www.hemscott.com/nsm.do.
Unless the context otherwise requires, capitalised terms used in
this announcement shall have the meanings given to them in the
Circular.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove Strand Hanson Limited
Financial PR Consultants Corporate Broker Sponsor
David Cather, CEO Daniel Thöle Michael Wentworth-Stanley Richard Tulloch
Mike Norris, FD Andrew Emmott
+44 20 3709 2570 +44 20 2772 2500 +44 20 7742 4000 +44 20 7409 3494
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
Inata Gold Mine poured its first gold in December 2009 and produced
86,037 ounces of gold in 2014. Other assets in Burkina Faso include
eight exploration permits surrounding the Inata Gold Mine in the
broader Bélahouro region. The most advanced of these projects is
Souma, some 20 kilometres from the Inata Gold Mine.
In Guinea, Avocet owns 100% of the Tri-K Project in the north
east of the country. Drilling to date has outlined a Mineral
Resource of 3.0 million ounces, and in October 2013 the Company
announced a maiden Ore Reserve on the oxide portion of the orebody,
which is suitable for heap leaching, of 0.5 million ounces. As an
alternative, the potential exists to exploit the entire 3.0 million
ounce Tri-K orebody via the CIL processing method. The Company
announced on 2 April 2015 that an exploitation permit had been
awarded for Tri-K.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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